tag:blogger.com,1999:blog-7287530465587042720.post3541318234090771245..comments2023-05-13T07:43:38.893-07:00Comments on SSS @ LU: New Credit Card LawsLU SSShttp://www.blogger.com/profile/06790150163663335487noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-7287530465587042720.post-57389418923594752122009-08-17T13:19:25.602-07:002009-08-17T13:19:25.602-07:00I think it's unfortunate that too many people,...I think it's unfortunate that too many people, especially my age, don't realize what credit is for. Although it is true that too many 18 year olds get a credit card right after their birthday just so they can spend all that money, I don't think that the responsible 18-20 year olds should have to suffer by not being able to build their credit in their college years. To me, it was very important that I get a credit card early so that when the time comes in a few years, I'll at least have a record behind me showing that I'm dependable, responsible, and always pay my bill. <br />I do think that it's very important for undergraduate students to build credit because once they graduate with their degrees they will probably need that credit for financing a more dependable car for transportation to work and/or grad school, getting their own apartment, applying for other types of credit, etc. This is the sole reason that I applied for credit at 18. I was declined a couple times, and I know that even just applying hurts your credit score a bit, but I still hoped that the recession wouldn't completely mess me over by making lenders even more wary of the younger applicants. <br />At present, I am only 19, so it hasn't been very long that I've had credit. I only use the card every now and then to keep it active and I immediately pay the bill. What too many people don't seem to understand is that credit isn't "extra money" you get to just spend, it's money that you have to know you will have, or already have, to pay back. All for the purpose of building your credit for the future, when it will be necessary. So when you actually have to buy something that you can’t afford at the moment, but will be able to pay back, you’ll have a record saying you are trustworthy to lend to. You know?<br /> I guess if these are going into effect any time soon I consider myself very lucky. I would not have had a cosigner because my family is horrible with credit--but I’ve learned from them and I pay my bills when they are due. In a way, these laws are very smart, careful, and make sense. It’s just going to be unfortunate for those few trustworthy 18-20 year olds who don’t have anyone to cosign for them. Ehh.. My post is too long.Syrai Reneehttps://www.blogger.com/profile/11748924618762153573noreply@blogger.com